29 slides from Companhia Siderurgica Nacional's earnings presentation, May 14, 2026
Slide 1: 1Q26 Earnings Release
1Q26 EARNINGS RELEASE May 13, 2026 <> CSN ‘Compant
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Slide 3: Consolidated Results
¹ Adjusted EBITDA is calculated based on net income (loss), plus depreciation and amortization, income taxes, net financial result, equity income, other operating income/expenses, and includes the proportional consolidation of 37.49% of the EBITDA of jointly controlled subsidiary MRS Logística, as w
Slide 4: Equity Income
· Equity Income declined 79.7% quarter-over-quarter in 1Q26, to R$ 23.8 million, in line with the seasonal profile of the operation and the lower contribution from MRS during the period. Compared with 1Q25, equity income also declined sharply, by 69.7%, reflecting not only seasonality but also MRS’s
Slide 5: Net Loss
· CSN reported a Net Loss of R$ 555.0 million in 1Q26, which represents an improvement both in relation to the loss recorded in the previous quarter and in relation to the performance in 1Q25, mainly reflecting the impact of deferred income tax constituted in the parent company due to the increase i
Slide 6: Adjusted EBITDA
*The Company reports adjusted EBITDA excluding equity income and other operating income (expenses), as it believes these items should not be considered in the calculation of recurring operating cash generation. · In 1Q26, Adjusted EBITDA reached R$ 2,646.0 million, with an Adjusted EBITDA margin of
Slide 7: Free Cash Flow
¹ Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Revenue, which considers 100% consolidation of CSN Mineração and the 37.49% stake in MRS. Free Cash Flow In 1Q26, Free Cash Flow was negative by R$ 1,597.7 million, deteriorating versus the previous quarter. The main d
Slide 8: Indebtedness
² Adjusted Working Capital is composed of changes in Net Working Capital, plus changes in long-term asset and liability accounts, excluding the net change in income tax and social contribution. ³ Financial Result: considers derivatives, financial expenses directly linked to operating activity, and i
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Slide 10: Debt amortization profile and liability management
¹ Net Debt / EBITDA: debt is calculated using the period-end U.S. dollar exchange rate, while net debt and EBITDA use the average exchange rate for the period. ² Leverage calculation considers Tora’s LTM EBITDA and the Usiminas shares. CSN remains highly active in its objective of extending the debt
Slide 11: FX Exposure
The accumulated net foreign exchange exposure in the consolidated balance sheet for 1Q26 was negative by US$ 511.7 million, as shown in the table below, in line with the Company’s policy of minimizing the impacts of foreign-exchange volatility on earnings. The hedge accounting adopted by CSN matches
Slide 12: Investments (CAPEX)
In 1Q26, investments totaled R$ 1,125.6 million, representing a decrease of 44.9% versus the previous quarter, reflecting lower maintenance disbursements and the Company’s historical pattern of concentrating investments at year-end. Compared with the same period of the prior year, however, total inv
Slide 13: Net Working Capital
Net Working Capital Net Working Capital allocated to the business totaled R$ 3,897.7 million in 1Q26, representing an increase of 54.4% versus the previous quarter. This performance reflects higher accounts receivable due to the stronger commercial activity in steel, as well as lower supplier balanc
Slide 14: Net Working Capital notes
¹ Other NWC Assets: includes advances granted and other receivables. ² Other NWC Liabilities: includes other payables, taxes payable in installments, and other provisions. ³ Inventories: excludes the effect of the provision for inventory losses/write-downs. For DIO calculation, warehouse inventory b
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Slide 17: Steel sales volumes
Total sales in 1Q26 reached 1,116 thousand tons, representing an increase of 12.1% versus 4Q25, but a decrease of 2.5% compared with the same period of the previous year. This performance still reflects the pressure exerted by imported material on domestic sales, particularly in the first two months
Slide 18: Brazilian steel market
In 1Q26, the Brazilian steel market posted mixed dynamics, with positive signs in important steel-consuming sectors, but still under pressure from a challenging competitive environment and high import volumes. According to Instituto Aço Brasil, Brazilian crude steel production totaled 8.1 million to
Slide 19: Production Cost - 1Q26 - Steel
Production Cost - 1Q26 - Steel
Slide 20: Steel Adjusted EBITDA
· In 1Q26, Adjusted EBITDA in the Steel segment reached R$ 393.4 million, representing a decrease of 18.8% versus 1Q25 and an increase of 1.9% compared with normalized EBITDA excluding non-recurring effects in 4Q25. Adjusted EBITDA margin stood at 7.0%, representing a decrease of 0.9 p.p. versus 1Q2
Slide 21: Mining Results
Mining Results 1Q26 was marked by a balanced environment in the seaborne iron ore market, with prices remaining supported despite a less robust backdrop for steel demand in China and higher global fuel costs due to the escalation of the conflict in the Middle East. Throughout the quarter, the market
Slide 22: Iron Ore Production
· Iron Ore Production (including third-party purchases) reached 10,063 thousand tons in 1Q26, representing a decrease of 14.9% versus 4Q25 and 1.4% versus 1Q25. This performance mainly reflects the typical seasonality between the fourth and first quarters of the year, combined with the heavier rainf
Slide 23: Mining sales volume and revenue
· Sales Volume reached 9,636 thousand tons in 1Q26, representing a decrease of 19.6% versus 4Q25, but remaining in line with 1Q25. TECAR posted a new record for shipments in a first quarter, totaling 8,724 thousand tons, representing an increase of 1.4% year-over-year. This performance reinforces th
Slide 24: Cement Results
Cement Results According to the National Union of the Cement Industry (SNIC), the Brazilian cement industry sold 15.9 million tons in 1Q26, representing an increase of 1.8% versus the same period of the previous year. In March alone, sales reached 5.8 million tons, corresponding to an increase of 9.
Slide 25: Cement Net Revenue
· In 1Q26, Net Revenue reached R$ 1,256.1 million, remaining in line with the previous quarter, but representing an increase of 14.0% versus 1Q25. This result reflects the improvement in prices observed during the period, particularly after the increases implemented in recent months. The performance
Slide 26: Logistics Results
In financial terms, total Net Revenue in the segment reached R$ 1,070.8 million in 1Q26, representing a decrease of 11.5% versus 4Q25, due to seasonal effects associated with heavier rainfall. Rail Logistics posted net revenue of R$ 688.9 million, representing a decrease of 13.5% versus 4Q25, while
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Slide 29: Signature and Forward-Looking Statements
For more information, access our website: https://ri.csn.com.br/ 23 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: May 13, 2026 COMPANHIA SIDERÚR